RENTAL VACANCY UP SLIGHTLY, REPORT SAYS

The share of unoccupied rentals in San Diego County is up slightly from the fall, based on a report released Monday from the San Diego County Apartment Association.

The spring vacancy rate is 4.5 percent, increasing from 4.3 percent in the fall. For context, the post-recession high was 5.4 percent in spring 2009, while the post-recession low was 3.6 percent in fall 2008.

What does the recent increase mean for the local rental market?

“This slight shift suggests that rental units remain in high demand and are inching toward more traditional levels,” according to the twice-yearly survey.

The report also found that:

• East County had the highest share of unoccupied rentals at 5.6 percent. North County came in next at 4.9 percent. San Diego city had the lowest, at 3.4 percent.

• Reported rents in the spring are up from the fall across the board. According to weighted averages, studios were $910; one-bedroom, $1,068; two-bedrooms $1,309; three or more bedrooms, $1,677. In the fall, they were $899, $1,090, $1,418, and $1,730.

The survey from the San Diego County Apartment Association is based on a survey mailed out to almost 6,000 rental property owners and managers.

A separate report from data company MarketPointe showed the county’s vacancy rate is at 4.43 percent, the lowest it’s been for a given March since 2008, when it was 3.63 percent. On a national level, San Diego has the sixth-lowest vacancy rate behind New York City; Minneapolis; Portland, Ore.; San Jose; and Seattle, the Cassidy-Turley report shows.

Lily Leung • U-T

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